Unfunded Liability
$833M
actuarial shortfall
FY2023 data · Public Plans Database
Boston Retirement Board
Drawing on 23 years of Public Plans Database history (Boston College CRR), this page covers Boston Retirement Board's funded ratio, unfunded liability, member counts, and investment returns, cross-checked against actuarial valuations.
By PlainPension · · Massachusetts · General State Plan · Data through FY2023
- Funded ratio
- 92.0%
- Health grade
- BReported funded ratio above the portfolio average range
- Market assets
- $9.59B
- Members
- 36,998
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, Boston Retirement Board is one of 197 public pension plans tracked nationwide. The plan card reports FY2023 valuation figures; the multi-year table includes FY2024 where PPD published it; this site’s database copy was last loaded in July 2026. See our methodology for the full source and update cadence.
Total Members
36,998
active + retired + vested
1-Year Return
5.2%
net investment return
-5.1pp vs 5-yr avg
5-Year Avg Return
10.3%
annualized, net of fees
How Boston Retirement Board Funded Ratio Compares
Plan Funded Ratio 92.0%
National avg
A ratio of 92.0% compared against the national public-pension average of 75.5%.
Healthy Threshold
Plans above 80% are generally considered adequately funded by NASRA standards.
Participant Composition
The active-to-retiree ratio is a leading indicator of long-term plan sustainability, plans with more retirees than active contributors face mounting cash-flow pressure as benefit payments outpace incoming contributions.
Investment Policy Mix
Public pension plans report their asset allocation in their annual CAFR and actuarial valuation. Equity-heavy mixes capture market upside but introduce volatility; fixed-income tilts protect funded status during downturns at the cost of long-run return.
Historical Funded Ratio
| Year | Funded Ratio |
|---|---|
| 2024 | 97.2% |
| 2023 | 92.0% |
| 2022 | 91.6% |
| 2021 | 89.6% |
| 2020 | 92.9% |
| 2019 | 90.7% |
| 2018 | 90.0% |
| 2017 | 90.8% |
| 2016 | 89.5% |
| 2015 | 91.9% |
| 2014 | 93.6% |
| 2013 | 104.9% |
| 2012 | 114.1% |
| 2011 | 113.4% |
| 2010 | 115.5% |
| 2009 | 118.2% |
| 2008 | 125.4% |
| 2007 | 130.4% |
| 2006 | 133.4% |
| 2005 | 134.5% |
What the Data Says About Boston Retirement Board
Boston Retirement Board reports a funded ratio of 92.0% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $9.59B in market assets against an unfunded liability of $833M. As a General State plan operating under Massachusetts sponsorship, it covers 36,998 members (20,511 active contributors, 15,005 retirees drawing benefits).
Boston Retirement Board is one of the more fully funded plans in the Public Plans Database, 17 points above the 75.5% national average across tracked plans. A 5-year average investment return of 10.3% factors into the plan's overall trajectory.
For Massachusetts taxpayers and plan members, the $833M unfunded gap is the actuarial shortfall this plan must close over time.
Where this data comes from + how funding gaps get resolved
These figures come from the Public Plans Database, a collaboration between the Boston College Center for Retirement Research and NASRA that compiles them from each plan's Comprehensive Annual Financial Reports (CAFRs) and actuarial valuations. The relationship between contribution adequacy and investment performance determines whether an unfunded liability narrows or expands year over year, and the gap itself is typically closed through some combination of higher contributions, investment returns, or benefit modifications. See our methodology for how public-pension funding differs from ERISA-backed private plans, and our disclaimer below before acting on this data.
Membership
20,511
Active Members
15,005
Retirees
36,998
Total Members
Plan Details
- Plan Type
- General State
- State
- Massachusetts
- Market Assets
- $9.59B
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to Boston Retirement Board's 92.0% funded ratio.
Other Massachusetts Plans
- Massachusetts Teachers Retirement Board 75.8%
- Massachusetts State Employees' Retirement System 68.5%
Frequently Asked Questions
Is Boston Retirement Board fully funded?
Boston Retirement Board has a funded ratio of 92.0% as of FY2023, earning a health grade of B. This ratio summarizes one reported funding measure. It does not substitute for a plan's actuarial valuation, financial statements, or a review of its contribution policy.
What happens if Boston Retirement Board runs out of money?
Boston Retirement Board's reported funding data can identify questions for further research. It does not establish how a sponsor will set contributions, benefits, or revenue policy.
What does a funded ratio of 92.0% mean?
A funded ratio of 92.0% means that Boston Retirement Board currently has assets equal to 92.0% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $833M. This is considered adequately funded.
How does Boston Retirement Board compare to other public pensions?
Boston Retirement Board is a General State plan in Massachusetts serving 36,998 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. Boston Retirement Board's funded ratio of 92.0% places it above the national average, reflecting strong fiscal management.
How many members does Boston Retirement Board have?
Boston Retirement Board covers 36,998 total members, including 20,511 active employees and 15,005 retirees currently receiving benefits. The ratio of active members to retirees is a key indicator of plan sustainability, when the number of retirees grows relative to active contributors, funding pressure increases.
Related
Data sourced from official Public Plans Database and actuarial valuations from federal and state pension systems. See our methodology for details. Retrieved and formatted by PlainPension
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the Public Plans Database (PPD). Consult a qualified professional before making decisions based on this data.
Read our methodology - how this data is sourced, computed, and verified.
Data sources used on this page
- Public Plans Database (PPD) - funded ratios, assets, liabilities, and member counts for US state and local public pension plans, maintained by the Boston College Center for Retirement Research with MissionSquare Research Institute and NASRA. publicplansdata.org
- NASRA - National Association of State Retirement Administrators public-pension actuarial and policy references. nasra.org
Every figure on PlainPension is rendered directly from the Public Plans Database (Boston College Center for Retirement Research), no number is typed in by an editor. This page aggregates this plan's funded ratio, unfunded liability, and multi-year financial history, live from the dataset. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.